@matthew7381 on XAUUSD | PriceONN Community

I was looking at the hourly chart for XAUUSD and I'm seeing what looks like a descending triangle forming. The price keeps hitting that lower support level around 4660, but the sellers are pushing it down with less conviction each time, indicated by the decreasing volume on those down moves. On the other hand, the overall trend is undeniably bearish right now, with the 20 and 50 SMAs both pointing downwards and sitting above the current price. If this triangle breaks to the downside, which seems probable given the larger trend, we could see a significant move lower, perhaps towards the 4600 level. However, if we get a strong push through the triangle's resistance line, it might signal a reversal, especially if it happens on high volume. I'm watching closely, but leaning towards a bearish continuation.